The crypto industry reacted positively to Biden's order to regulate digital assets

Representatives of the crypto industry spoke favorably about the document in which the US President instructed federal agencies to study the digital currency market.

Joe Biden's decree did not establish new rules and restrictions for the crypto industry, but only consolidated the efforts of regulatory authorities and called for supporting the industry, businessmen and managers believe.

Calling for cryptocurrency companies to meet regulators, FTX CEO Sam Bankman-Fried said on Twitter that the decree will help the industry develop and effectively protect investors:“This is a constructive decree to discuss customer protection and the economic competitiveness of digital assets.

”Circle CEO Jeremy Allaire tweeted that the executive order emphasized industry growth and called for "constructively addressing the risks of cryptocurrencies that exist in the legacy financial system":“Participants of the crypto community should see this decree as an opportunity to interact with politicians on important issues.

 The notorious doors of power are wide open, now it is a national dialogue.”Stellar General Counsel Candace Kelly believes that Biden's order is the first step in a long journey that will bring regulatory clarity to the crypto industry.However, not all cryptocurrency executives agree that the decree will have a beneficial effect on the industry.

Anchorage Digital founder and CEO Nathan McCauley called the decree “a shot in the foot for crypto” and said that in order to strike a balance between the “responsible innovation” that Biden calls for, “the crypto community needs to recognize that for the good of the industry, regulators must be trusted.” its role in the cryptocurrency ecosystem. 

McCauley added that, however, "the decree makes it clear that the politicians are not against us."Recall that the Biden decree requires federal agencies to apply a unified approach to the regulation of cryptocurrencies and jointly eliminate the risks associated with digital assets, including consumer protection issues. 

Biden urges officials to support cryptocurrencies, innovation and ensure the US maintains "technological leadership in this rapidly growing space."